MichiganNews

Bills sent to Governor Snyder would speed tax cut for car trade-ins

LANSING, Mich. (AP) – People who trade in their car to buy a new one would see a sales tax cut phased in more quickly under bills sent to Gov. Rick Snyder.

Buyers can subtract the value of their trade-in from the purchase price of a new vehicle for tax purposes under a 2013 law.

The legislation finalized by the Republican-led Senate Thursday would accelerate the phase-in of the tax break to 2029 – 10 years sooner.

The bills’ supporters say the law helped boost auto sales and buyers deserve a fully phased-in tax reduction earlier. Opponents such as school and local government advocates worry about lost tax revenue.

It is unclear if Snyder will sign the legislation. A spokesman says he will make a decision after reviewing the bills.

 

Related posts

Beckwith concerned over threats, lack of FBI notification

Network Indiana

South Bend Councilman proposes moratorium on new data centers for Earth Day Initiative

Alyssa Foster

Indiana DCS appoints new director

Network Indiana

Leave a Comment